Molten Carbonate Fuel CellsTechnology Overview

Hydrogen and Fuel Cells - Powering the Future 19/3/19March 19, 2019

NASDAQ: FCEL www.fuelcellenergy.com

2

About FuelCell Energy - 50 Years of experience

o Serving utilities, industrial and large municipal customers with

both utility-scale and on-site power generation

o Fuel cells are extremely efficient, non-combustion technology

that emit negligible NOx, SOx and particulate pollutants.

o Advanced Technologies addressing needs in:

o Carbon capture

o Local hydrogen production for transportation / industry

o Long duration energy storage

o Danbury, CT - Corporate, R&D

o Torrington, CT – Manufacturing, Service

o Germany – Manufacturing, Service

o South Korea – Manufacturing, Service

Delivering Clean Innovative Solutions for the Global Supply, Recovery and Storage of Energy

Global Customers

Global leader in fuel cell technology since 1969

3

MW-Scale Carbonate Fuel Cell Systems

2.8 MW

SureSource3000™47% Electrical Eff,

up to 90% Total Eff.

1.4 MW

SureSource1500™47% Electrical Eff,

up to 90% Total Eff.

3.7 MW

SureSource4000™60% Electrical Eff.

Up to 80% total Eff

2.35 MW

SureSource

Hydrogen™2.35 MW Power plus

1270 kg/day Hydrogen

Larger Scale Fuel Cell Parks

59 MW

11 MW

15 MW

4

Energy Trends Driving Demand

• Predictable distributed

clean power generation

• Carbon capture for

power generation and

industry

• Distributed hydrogen for

transportation and

industrial applications

• Long-duration storage

and Electrolysis

supports increased

renewables penetration

1

2

3

4

Grid resiliency & reliability

Emission reductions &

De-carbonizationDistributed hydrogen

Supporting intermittent renewable deployment

✓ Predictable on-site

generation enhances

resiliency and reliability

✓ Avoids costs and risks of

interruption and

transmission siting issues

✓ Highly efficient electro-

chemical process, no

burning

✓ Scalable & cost effective

carbon capture that also

generates power

✓ Tri-generation for high-

purity hydrogen plus

power & heat

✓ Affordable and

significantly cleaner than

steam reforming

✓ Storage and Electrolysis

supports intermittent

power: short duration (<4

hours) & long duration (6+

hours or days)

1 2 3 4

Global Market

2 GW Equipment Market 16 GW Equipment Market 1 GW Equipment Market 3 GW Equipment Market

$7 B Equipment Market

$11 B Services Market

$49 B Equipment Market

$73 B Services Market

$4 B Equipment Market

$5 B Services Market

$10 B Equipment Market

$15 B Services Market

Base Business

Advanced Technologies

$70 B Equipment Market $104 B Services Market

5

Onsite Power Generation

• Utility-owned, rate-based

• Enhance resiliency

• 2.8 MW fuel cell on ¼ acre

- ~23,000 MWh annually

• 2.2 MW solar on ~9 acres

- ~3,000 MWh annually

• Power sold to grid

• Enhance resiliency

• Brownfield revitalization

• 15 MW on 1 ½ acres

• Only 12 mo. installation

• Power sold to grid

• Heat sold to district

heating system

• 59 MW on only 5.2 acres

• Only 14 mo. installation

• World’s largest fuel cell

park

• 5.6 MW with steam for

company campus

• Predictable power solving

grid quality issues

• Immediate savings vs. grid

• Sustainability

✓ More than 100 SureSource plants in operation at more than 50 sites

✓ More than 350 MW of SureSource modules in operation or on order

✓ More than 7,500,000 MWh generated by SureSource power plants

Grid Support with CHP

Resiliency for Pharma

Grid Support /

Urban Redevelopment

Fuel Cell /

Solar Integration

Grid resiliency & reliability

1

6

Fuel Cell Based Carbon Capture

• Carbonate electrochemical process transfers CO2 from Air Electrode (Cathode) to Fuel

Electrode (Anode)

• CO2 is easily separated from Anode exhaust gas because it is no longer diluted with air

Conventional Coal or

Natural Gas Plant

CATHODE

ANODEFuel

Fossil Plant Exhaust

with 5% to 15% CO2

CO2 Depleted Flue Gas

CO2

Separation

Depleted Fuel with

~70% CO2

CO2

CO2 to

sequestration or

industrial use

SureSource

Powerplant30 to 75% of

Conventional Plant

Rating

Clean Power

Natural Gas

Fuel to Fuel

Cell

CO2 is concentrated by fuel cell process as a side reaction of power generation.Co-production of power during carbon capture enhances capture economics

Emission reductions &

De-carbonization

22

7

Carbon Capture Projects

• DOE coal based development

• Technology development and system design.

Techno-economic analysis.

• MW-scale pilot design: Single SureSource 3000

modified for CO2 capture – 90% capture from

3MW of coal exhaust

• ExxonMobil Joint Development program for

capture from natural gas sources

• Natural gas powerplant sources

• Industrial sources

Emission reductions &

De-carbonization

2

8

TriGen Distributed Hydrogen

SureSource Hydrogen System

Natural gas or biogas fuel

2.3 MW Clean and green power –18 GWh/year• 1200 tons per year avoided grid CO2

emissions with natural gas fuel• 10,000 tons per year avoided grid CO2

emissions with biogas fuel• 5 tons per year avoided NOX

0.5 MMBtu/h thermal energy• 290 tons per year avoided boiler

CO2 emissions• 0.1 tons per year avoided NOX

1270 kg/day hydrogen• 6200 tons per year CO2 reduction

from vehicles• 8.9 tons per year NOX reduction

from vehicles

Co-production of power with hydrogen improves economics to produce the most affordable hydrogen

Distributed hydrogen

3

9

Cleanest Way to Produce Hydrogen

Clean Power and Heat

Natural gas as feedstock and thermal fuel

Water for steam reforming

Natural gas, on-site biogas, or directed biogas is power generation and hydrogen feedstock fuel

Large Steam-Methane Reformer

Local Distributed Hydrogen using Trigeneration Fuel Cells

Additional cost and emissions from

transportation from central SMR to stations

Local distribution to stations

Central Hydrogen Production and Long Distance Transport

• Trigeneration hydrogen is produced local to filling station users and without burning fuel

• Reduced carbon and NOX footprints since fuel is not burned to make reforming heat. No water consumption (net water producer)

• Reduced emissions from transportation since hydrogen is produced near filling stations

• Fuel cell power generation reaction provides water for reforming, so no water consumption – net water producer

Distributed hydrogen

3

10

Port of Long Beach Project

• First Megawatt-scale Renewable Power and Hydrogen Generation Station

• Directed biogas renewable fuel

• SureSource Hydrogen produces:• Hydrogen for Toyota fuel cell vehicles: Mirai’s and Project Portal

Heavy-Duty Truck Concept

• Power for facility

• Water to offset facility water consumption

• Project structure: Hydrogen and Power Purchase

Agreement (HPPA) with long term offtake agreement

for power and hydrogen

• Power not used by Toyota sold to local utility under

renewable feed-in-tariff

• Operational in early 2020

Distributed hydrogen

3

11

Thank You

www.fuelcellenergy.comNASDAQ: FCEL

Questions?